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Coins, Currency, and Medals

The Museum possesses one of the largest numismatic collections in the world. The collections include over 1 million objects, comprising coins, medals, decorations, and pieces of paper money. Among the many great rarities here are some of the world’s oldest coins, created 2,700 years ago. But the collection also includes the latest innovations in electronic monetary exchange, as well as beads, wampum, and other commodities once used as money. A special strength lies in artifacts that illustrate the development of money and medals in the United States. The American section includes many rare and significant coins, such as two of three known examples of the world's most valuable coin, the 1933 double eagle $20 gold piece.

In 1848, the largest single gold rush in history was just getting under way in California. This event triggered a mass migration of fortune hunters from around the world. The territory had only recently passed into American hands as an outcome of U.S. victory in the Mexican War. The new California military governor Col. R. B. Mason sent 230 ounces of native bullion to the Secretary of War, who in turn passed the gold on to the Mint.

Much of this first shipment went into large, honorific medals Congress authorized for the winning American generals in the war, Zachary Taylor and Winfield Scott. Scott's medal is in the Smithsonian Collection. The rest of the gold was used to make "quarter eagles," or 2½ dollar gold pieces. These became some of the most legendary coins in American numismatic history.

The basic design was standard: the head of Liberty was on one side, a somewhat bellicose eagle on the other. The mint had been striking quarter eagles with these designs for nearly a decade. But closer scrutiny showed that these coins had one odd feature: above the eagle on the reverse, the initials "CAL." These were added by means of a punch.

Precisely 1,389 quarter eagles marked with the CAL stamp were made. Less than 200 still exist. They bear poignant witness to the colorful history of the American West.

In 1848, the largest single gold rush in history was just getting under way in California. This event soon triggered a mass migration of fortune hunters from around the world. At the outset, much of the California gold was converted to coins by private minters in the San Francisco area. However, supplies of gold were also sent to Philadelphia where the metal was turned into ordinary federal coins.

Smaller quantities of gold made it to various locations including Oregon. Between March and September, 1849, an entity calling itself the Oregon Exchange Company struck $10 and $5 coins, by hand, in Oregon City. Both denominations bore simple designs. Their obverses depicted a beaver, the fur-bearing mammal that had spurred the first interest in the region. Above the animal, there were initials standing for the last names of the principal players in the operation.

The initials O.T. or T.O. (both for Oregon Territory) and the date rounded out the obverse design. For the reverse, the name of the issuing authority and the denomination sufficed. Scholars believe that around 2,850 of the $10 coins were made. Dies for them can still be seen at the Oregon Historical Society in Portland.

But the life of the Oregon mint was brief. The coiners set their products' weight above federal norms, and most of the Oregon coinage was melted down for profit. The mint ceased operation early in September 1849.

In 1848, the largest single gold rush in history was just getting under way in California. This event soon triggered a mass migration of fortune hunters from around the world. At the outset, much of the California gold was converted to coins by private minters in the San Francisco area. However, supplies of gold were also sent to Philadelphia where it was made into ordinary federal coins.

Smaller quantities of gold made it to various locations including Oregon. Between March and September, 1849, an entity calling itself the Oregon Exchange Company struck $10 and $5 coins, by hand, in Oregon City. Both denominations bore simple designs. Their obverses depicted a beaver, the fur-bearing mammal that had spurred the first interest in the region.

Above the animal, there were initials standing for the last names of the principal players in the operation. The initials O.T. or T.O. (both for Oregon Territory) and the date rounded out the obverse design. For the reverse, the name of the issuing authority and the denomination sufficed. Dies for the coins can still be seen at the Oregon Historical Society headquarters in Portland.

But the life of the Oregon mint was brief. The coiners set their products' weight above federal norms, and most of the Oregon coinage was melted down for profit. The mint ceased operation early in September 1849.

The California gold rush quickly gave the United States not one new gold coin, but two: a tiny gold dollar at the lower end of the monetary spectrum, and a large double eagle, or twenty-dollar coin, at the upper end. Why did Americans need more gold denominations?

So much gold was now coming out of California that it was actually lowering the value of that metal against silver. Bullion dealers began buying up silver dollars and half dollars for melting and export, for they were now worth more than face value as bullion. A Congressman from North Carolina had an idea: If gold dollars were struck, to pass at par with the silver ones, it might ease some of the pressure on silver coinage.

His bill was introduced late in January 1849. At the last minute, a provision was added for an entirely new coin, a double eagle. Thus amended, the bill became law on March 3, 1849. The production of gold dollars swung into action fairly quickly, and coinage had gotten under way by early May.

But the double eagles took longer. James B. Longacre, the artist selected to design the new large coin, encountered initial opposition from Mint officials, and it was late December before the first two pattern double eagles could be struck. One disappeared long ago, leaving this as the only surviving gold pattern from 1849.